The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, and Abbott Laboratories, La Monica does not own positions in any individual stocks.

It's been a great year for bank stocks. The KBW Bank Index (BKX) has surged more than 30%, easily outperforming the broader market. And Bank of America (BAC) is up nearly 70%, making it by far MORE

Nasdaq defended its proposed $62 million compensation plan for firms hurt by its botched IPO of Facebook (FB).

In a letter sent to the Securities and Exchange Commission late Wednesday, Nasdaq (NDAQ) called the payout "fair and equitable."

The exchange operator told the SEC that, by law, it only owes trading firms, or so-called market makers, $500,000 based on SEC limits. "The proposed accommodation pool goes well beyond what is required under current MORE

Citigroup said it expects to book an after-tax loss of $2.9 billion from the sale of its remaining 49% stake in Smith Barney to Morgan Stanley.

The disclosure, made in an SEC filing Tuesday afternoon, came after Morgan Stanley and Citigroup disclosed the value of Morgan Stanley Smith Barney, the wealth brokerage unit they had shared since 2009.

At $13.5 billion, the valuation represents a big win for Morgan Stanley, which had MORE

The market was mostly lower on yet another sleepy August day of trading. But bank stocks were among the more notable standouts. Bank of America (BAC) and JPMorgan Chase (JPM) were two of the better performers in the Dow. Morgan Stanley (MS) and Goldman Sachs (GS) were each up more than 1.5% And Citigroup (C) had gained more than 2%.

The hedge fund manager purchased 341,000 shares of the social media company during the second quarter, according to SEC filings.

Hedge fund managers aren't forced to specify when during a quarter they purchased stakes in various firms. Still, it's safe to say that the investor who infamously made $1 billion shorting the British pound is under water on his Facebook bet.

The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, and Abbott Laboratories, La Monica does not own positions in any individual stocks.

Happy days are here again for the stock market. If you love round numbers, then today is your day. The Dow is back above 13,000. Nasdaq has vaulted above 3,000 again. And the S&P 500 has MORE